Northwestern Mutual is shutting down digital financial planning startup LearnVest just three years after the insurance company paid $250 million for it.
In a statement posted to the Northwestern Mutual website, the company announced that it is discontinuing LearnVest's financial planning offering for consumers and the LearnVest@Work program for businesses. Northwestern Mutual will relaunch LearnVest later this year as a digital resource portal focused on financial education for consumers. In an email sent to LearnVest clients, founder Alexa Von Tobel said the financial planning service will shut down June 5. Until then, clients will be able to access their accounts and download any documents they have uploaded, including a copy of their financial plan. After June 5, all accounts will be automatically closed and outside accounts synced with LearnVest will be disconnected.